The finance ministry sold its entire offer of 98-day T-bills of 1.424 billion denars at an annual yield of 4.0%, the central bank said in a statement.
In a separate auction, the finance ministry offered and sold 520 million denars of 98-day T-bills whose price is pegged to the denar/euro exchange rate. The annual yield on this issue was 3.9%.
In the third auction, the finance ministry's sold 64.94 million denars of 364-day T-bill whose price is pegged to the denar/euro exchange rate, slightly below the target offer of 65 milion denars. The average annual yield of this issue was 4.5%.
The finance ministry is in charge of developing the primary market for government securities, while the central bank develops the secondary market in cooperation with the ministry. The central bank relies on two main instruments, T-bills and central bank bills, to control liquidity on Macedonia's money market and achieve the objectives of its monetary policy.
(1 euro = 61.5013 Macedonian denars)